This is an Excel Assignment

Using Excel to Prepare a Bank Reconciliation PROBLEM On May 31, Lopet, Inc. received its bank statement from the East Coast Savings Bank. A cheque from one of Lopet's customers that had been deposited during the last week of May was returned with the bank statement as NSF. The company had written and mailed out cheques that had not yet cleared the bank. Cheque #791, which was a payment for advertising expenses, was incorrectly recorded in the general ledger. During the month, one of JB's customers paid their account using an electronic funds transfer. The cash receipts for May 31 had been deposited in the night drop slot at the bank on the evening of May 31. These were not reflected on the bank statement for May. The following amounts were derived from comparing the bank statement and the accounting records for May. Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem and work area as indicated. Use the SUM function with cell referencing to add amounts. a. Prepare the bank reconciliation for Lopez at May 31. Show amounts that are subtracted as negative amounts. b. What cash should Lopez report on its statement of financial position as at May 31